Asian Shares Mixed, Oil Prices Advance As Israel-Iran Crisis Worsens

Asian shares were mixed on Monday, while oil prices extended gains on concerns that escalating tensions between Iran and Israel could disrupt global crude supply.

Seoul’s Kospi rose 0.9% to 2,920.57. I Photo: Yeongdeungpo-gu

U.S. benchmark crude oil rose by 20 cents to $73.18 per barrel. Brent crude, the international standard, climbed 95 cents to $75.18 per barrel, Jiang Junzhe reported for the Associated Press (AP).

In share trading, Tokyo’s Nikkei 225 gained 1.3% to 38,307.74, while Seoul’s Kospi rose 0.9% to 2,920.57. Chinese markets were little changed after May data showed stronger consumer spending but weaker factory output and investment.

Retail sales grew 6.1% year-on-year, but industrial output rose just 5.8%, falling short of expectations. Hong Kong’s Hang Seng Index fell 0.1% to 23,864.20, while the Shanghai Composite added less than 0.1% to 3,378.78. Australia’s S&P/ASX 200 slipped 0.2% to 8,547.40.

On Friday, oil prices surged and global stocks slumped after Israel launched strikes on Iranian nuclear and military sites.

The S&P 500 fell 1.1% to 5,976.97, the Dow Jones Industrial Average dropped 1.8% to 42,197.79, and the Nasdaq Composite declined 1.3% to 19,406.83. The strongest market reaction was in oil, where U.S. and Brent crude prices soared by more than 7%.

Iran is one of the world’s largest oil producers, though Western sanctions have curtailed its exports. A broader regional conflict could further limit Iran’s oil flows and push up global energy prices.